Dec
22
2023

How Much Does a Pharmacist Make in a Year?

By | Building Your Career, Life & Career, relay | Comments Off on How Much Does a Pharmacist Make in a Year?

If you’re exploring career options, pharmacy might have popped up on your radar — and for good reason. Not only can pharmacists command a good salary, they also have job security, as the pharmaceutical industry is one that won’t vanish any time soon.

That said, how much does a pharmacist make? Is it worth all the trouble of going through pharmacy school to become one? Let’s find out.

What Are Pharmacists?

You’ve likely picked up a prescription or two at a pharmacy, but maybe you didn’t give any thought to the person behind the counter. This individual is your local pharmacist, and it’s their job to prepare and dispense prescription medications.

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Pharmacist Job Responsibility Examples

In addition to doling out prescription drugs, pharmacists also consult with patients, provide instructions for how to take medications, and help patients find low-cost medications. Some also give health screenings and immunizations.

Keep in mind, a pharmacist often needs to be outgoing, since their work involves speaking with patients throughout the day. If that’s not your personality, you may want to look into jobs for introverts.

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How Much Is a Starting Pharmacist Salary?

As with most professions, pharmacists tend to earn more money as they gain more experience. But what is a good entry-level salary for pharmacists?

Pharmacists with less than a year of experience generally earn, on average, about $54 per hour. That’s $112,320 per year.

Of course, how much you actually can earn depends on where you live, what your duties are, and whether you work for an independent pharmacy or a chain. It can also help to research the highest-paying jobs by state.

Recommended: Is a $100,000 Salary Good?

What Is the Average Salary for a Pharmacist?

Now that you see what starting salaries are for pharmacists, let’s address the next question: How much money does a more experienced pharmacist make?

Generally speaking, pharmacists are usually paid by the hour. A pharmacist with 10 years of experience earns an average of $67.05 per hour. That adds up to $139,464 per year.

What Is the Average Pharmacist Salary by State for 2023?

The amount you make will depend on where you live, among other factors. Here’s a look at the average pharmacist salaries by state, from highest to lowest.

State Salary
California $161,597
Oregon $155,710
Washington $149,466
New Hampshire $141,041
Nevada $140,869
Maine $139,517
Vermont $137,658
Delaware $136,276
Maryland $135,894
Connecticut $134,175
Alaska $134,044
Massachusetts $131,978
Rhode Island $131,960
New Jersey $131,698
New York $131,594
Pennsylvania $129,724
New Mexico $129,145
Wisconsin $128,918
Minnesota $128,502
Virginia $128,380
Hawaii $128,245
Arizona $126,174
Idaho $125,760
North Carolina $125,068
Michigan $124,768
Colorado $120,986
Illinois $120,887
Kansas $118,122
Ohio $117,573
Kentucky $117,448
Indiana $117,338
Missouri $116,513
Nebraska $116,366
Utah $116,009
South Carolina $115,570
West Virginia $115,339
Texas $115,089
North Dakota $114,359
Georgia $114,118
Tennessee $112,879
Wyoming $112,326
Montana $111,924
Iowa $110,405
Florida $109,106
Alabama $106,271
Mississippi $105,677
Louisiana $102,542
South Dakota $100,246
Oklahoma $98,951
Arkansas $89,660

Source: Zippia

Recommended: Pros and Cons of Raising the Minimum Wage

Pharmacist Job Considerations for Pay & Benefits

Where you live is one factor that can determine how much you earn as a pharmacist. Your on-the-job responsibilities may also play a role. For example, there are different job titles, and each has its own set of responsibilities, requirements, and salary ranges. Examples include:

•   Staff pharmacist

•   Pharmacy specialist

•   Clinical pharmacist

•   Pharmacy manager

•   Director of pharmacy

Some pharmacists may have roles and responsibilities beyond filling prescriptions, such as offering immunizations and health screenings. Some may be in charge of hiring and managing other employees. Some may work in traditional pharmacies, while others may work for companies focusing on chemotherapy, nuclear pharmacy, or long-term care.

Recommended: 25 High-Paying Trade Jobs in Demand

Pros and Cons of Pharmacist Salary

While being a pharmacist can be a rewarding job, there are potential drawbacks to keep in mind. Let’s look at some pros and cons.

Pros of Being a Pharmacist

Naturally, the high salary pharmacists tend to command may be one reason to consider this career path. Because many pharmacists get paid by the hour, they’ll be compensated fairly for their time even if they work more than 40 hours a week.

Another perk is that you may have a flexible schedule that allows you to work part-time or during certain hours. There could even be opportunities to work remotely, which may be useful if you’re working in a rural area.

You might also be able to open your own pharmacy instead of working for someone else. This brings freedom and flexibility to you as a business owner.

Finally, you’ll be a valuable member of your community, since it’s your job to help people on their path to wellness.

Cons of Becoming a Pharmacist

If becoming a pharmacist was easy, everyone would do it! For starters, you’ll need to have about six years of education after high school. And the cost of pharmacy school can range anywhere from $5,000 to $30,000 a year for an in-state public college, or $20,000 to $95,000 a year for a private school.

Depending on your financial situation, this could require you to tap into savings or take out student loans. (Creating a budget while you’re in school or just starting out can help you keep track of where your money is going. A money tracker app can help make the job easier.)

Another possible drawback? Some pharmacies may not guarantee a certain number of hours a week, and in that case, being paid hourly may not come with the big paycheck you’d expect.

Also keep in mind that some pharmacists work long hours, which can have a negative impact on your health and mental wellbeing.

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

The Takeaway

If you’re looking for a rewarding and potentially lucrative job, becoming a pharmacist might fit the bill. You’ll help your local community get healthier, and depending on where you live and your level of experience, you could earn competitive pay, too.

FAQ

What is the highest pharmacist salary?

The state where pharmacists tend to earn the most is California. The average annual income of a pharmacist there is $161,597.

Is it hard to be hired as a pharmacist?

Becoming a pharmacist requires six years of education after high school. The workload is challenging, and pharmacies looking to hire generally have high expectations of applicants.

Photo credit: iStock/ADragan
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Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Dec
12
2023
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5 Alternatives to Emergency Student Loans

By | Debt Payoff, Fresh Out of School, Student Loans, student_loan | No Comments

You thought you had your college costs covered. Then something unexpected happened — a sudden job loss, unplanned expense, family emergency — and now you’re short on funds and wondering how you’ll make ends meet.

Fortunately, some schools offer emergency student loans to help students rebound from a financial set-back and manage the unexpected. While these tend to be smaller amounts, an emergency loan can help you get through a rough financial patch, allowing you to stay in school and complete your degree.

However, not every college and university offers emergency student loans, and those that do may have limited funds for emergency student loans and varying eligibility requirements.

Here are key things to know about emergency or fast student loans, plus other ways to access quick funds when you hit a set-back or unexpected college expense.

The Basics of Emergency Student Loans

The term emergency student loan generally refers to a loan offered to actively enrolled students in dire financial situations, typically by colleges and universities. If you have experienced an unexpected financial hardship, whether due to a job loss, a death in the family, or any life circumstance that results in immediate financial need, you may be eligible to apply.

Emergency loans are generally disbursed and repaid on rapid schedules. Repayment terms may be as short as 30 to 90 days. The amount you can borrow varies by school but the cap is typically between $500 to $1,500. Some emergency student loans are interest-free, while others charge a low interest rate.

Typically, you cannot use an emergency student loan to cover your tuition for the semester. However, you can use it to cover other expenses, like food, housing, childcare, and medical expenses.


💡 Quick Tip: Get flexible terms and competitive rates when you refinance your student loan with SoFi.

How to Get Emergency Student Loans

If you need an emergency or instant student loan, a good first step is to contact your school’s financial aid office. If your school offers emergency loans, you will likely need to:

•   Find out if you are eligible. You’ll want to check your school’s eligibility requirements to make sure you qualify before you go through the application process.

•   Fill out the emergency student loan application. You may be able to do this online or you might need to do it in person at the financial aid office. You’ll likely need to have your student ID and enrollment information. Your school may also ask for documentation of your financial emergency before it will approve the loan.

•   Make a plan to repay your loan on time. You may need to repay the loan within just a few months, so you’ll want to determine how you will make those payments. If you miss a payment, the school might charge fees and/or hold your academic records.

Are Emergency Student Loans a Good Idea?

While emergency student loans can be helpful, they may not be the right solution for everyone. For one, the loan might not offer enough money to help you out. For another, schools typically have strict qualification criteria for emergency student loans. For example, you typically need to have experienced an unexpected event that triggered a dire and sudden financial need, such as:

•   Loss of a parent

•   Dismissal from a job or unexpected reduction in income

•   Natural disaster

•   Significant crime or theft

Also keep in mind that an emergency loan is still a loan, so you’ll want to make sure you can handle more debt before you tap a fast student loan. Also be sure you can manage the short repayment period. Having a loan go into default may jeopardize your education and your eligibility for future financial aid. In other words, it’s a good idea to establish a plan before you borrow money.

Emergency Student Loan Alternatives

Emergency student loans can be a great resource for some students. However, they aren’t right for everyone. You may not qualify for your school’s emergency student loan program. Or, you might need a larger sum of money or a longer repayment timeline. Also, not all schools offer emergency loans. Luckily, there are other options on the table to help you through a cash crunch during college. Here are five you may want to explore.

1. Unused Federal Student Loans

If you’ve already submitted your Free Application for Federal Student Aid (FAFSA) but turned down some or all of the federal student loans you were offered, there is good news: It’s possible to change your mind. Once you have filed a FAFSA, you are allowed to accept the funds at any time during the academic year.

For example, you might have been offered $5,000 in federal loans but only claimed $2,000 of that money. If you find yourself in financial hardship later in the academic year, you could still claim the unused portion of federal student aid. You can use federal student loans to cover tuition as well as living expenses. Your financial aid office can help you figure out if this is an option for you.

Since you’ve already been approved for the loan, funding time will likely be much faster compared to the regular waiting time for federal aid. It shouldn’t take more than 14 days to receive the funds.

If you’ve had a major change in your financial situation, such as a job loss or the passing of a parent, you may want to resubmit your FAFSA to reflect your new situation. Depending on the changes, you might qualify for more aid.

2. University Grants and Scholarships

Some colleges and universities offer emergency aid in other forms besides loans. Emergency grants and scholarships work in a similar way to emergency student loans in that they’re meant to help cover unexpected financial hardships. However, unlike loans, grants don’t have to be repaid.

For example, some schools offer completion scholarships or grants, which can forgive a portion or all of the outstanding balance that might otherwise keep a student from advancing or graduating. Other schools have voucher programs to help with specific on-campus costs like books and dining hall meals.

You’ll need to get in touch with your financial aid office to see if you qualify for any emergency assistance grants, scholarships, or vouchers under your circumstances. The school may require proof of hardship or emergency.

Recommended: Finding Free Money for College

3. Private Student Loans

If you’ve tapped all of your federal aid options, you might turn to private student loans to help cover emergency expenses. These are loans offered by banks, credit unions, and online lenders.

Private student loans typically come with higher interest rates than federal student loans and don’t offer the same borrower protections (like forbearance and forgiveness programs). However, you can often borrow up to your school’s cost of attendance with a private student loan, giving you more borrowing power than you can get with the federal government. Depending on the lender, you may be able to take advantage of quick student loan approval and disbursement and use the money to pay for your emergency expenses.

Some lenders send the money straight to the school and, once tuition is covered, the school will typically give you the remainder of the loan to cover living expenses. In other cases, lenders will send the funds to you to make the appropriate payments.

4. Tuition Payment Extension

If you’re not sure you can pay your tuition on time due to a sudden emergency, it’s worth asking your financial aid office if they provide temporary payment extensions or payment plans.

Some colleges may be willing to grant you an extension on paying your tuition. For example, they might offer an emergency deferment plan which allows enrolled students to postpone payments through a specific date, such as the 90th day of the term. This might give you a bit of extra breathing room in your budget.

You might also explore tuition payment plans. Many schools allow you to spread out your tuition into affordable monthly or bi-monthly payments. Typically, schools don’t charge interest on thes plans. However, when exploring this alternative, it’s a good idea to ask about any fees or interest charges that might apply.

5. Food Pantries

The cost of food is high these days, and this may be particularly burdensome during an emergency. Your school may have an on-campus food pantry that can help reduce your expenses until you’re back on your feet. Also keep in mind that local churches and other charitable organizations in your area may also offer food at no cost to those in need. Feeding America is a helpful resource to find food banks near you.These food pantries can provide basics like canned foods, pastas, dried breakfast items and more.


💡 Quick Tip: Refinancing could be a great choice for working graduates who have higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans.

Where Can You Look for Other Forms of Emergency Student Aid and Assistance?

Outside of emergency student loans and grants, colleges and universities often offer additional resources that can help with unplanned costs during an emergency. You might find on-campus support in the form of housing opportunities, bus passes, or food pantries. Even if your school doesn’t offer emergency assistance directly, a financial aid administrator may know of off-campus organizations that will offer support.

You might also explore assistance from alumni-funded foundations or other nonprofit scholarships or grants that can provide emergency assistance. For example, the UNCF offers a “Just-in-time” emergency grant of up to $1,000 for students at risk of dropping out of college due to a financial hardship (like medical bills, a car repair, or a trip home to help a sick parent). Students must complete an online application form and show proof of financial hardship.

After You Graduate

If you took out federal or private student loans during college to cover expenses (both planned and unplanned) and you’re now in the repayment stage, you might want to look into refinancing. When you refinance your student loans, a lender pays off your existing loans with a new one, ideally at a lower interest rate. That can potentially save you money in the long run — and from the first payment you make.

Just keep in mind that if you refinance federal student loans with a private lender you forfeit federal protections, such as income-driven repayment plans and forgiveness programs.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

Check out what kind of rates and terms you can get in just a few minutes.


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SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.


SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Dec
12
2023
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What is the Value of a College Internship?

By | Building Your Career, Life & Career, student_loan | No Comments

There can be a good amount of competition for some college internships, and for good reason. They may provide invaluable work experience, exposure to an industry that’s of interest, and networking opportunities. But note the use of the word “may.” In some cases, an internship may not be as beneficial as others.

Here, you’ll learn more about the value of internships, both paid and unpaid, as well their advantages and disadvantages. Once you have that basic knowledge, you’ll be able to make the best decision for your needs. If you do think a college internship is a good move, then try the tips for finding one, also included below

What Is an Internship?

First, here’s a definition of an internship: It’s a professional work experience for a student. To add a little more detail, it can immerse them in a given career, show them some of the responsibilities typically related to a job in the industry, and give them hands-on time to do some tasks or two watch them be executed.

Internships may be paid or unpaid; some are completed to earn school credit. For some students, an internship can forge career connections and even lead to a job offer.

Paid Versus Unpaid Internships

An Internship’s value in terms of your future career hunting and job search can be considerable. But what about actually collecting a paycheck?

•   Some internships are paid (typically, a low wage, such as minimum wage) and others are unpaid, meaning there’s no financial remuneration.

•   However, some unpaid internships may allow the student to earn school credit, and some may offer a stipend to cover, say, transportation and food costs related to the job.

An internship is often a summer position, but it may also take place during a school break. Sometimes, a student may take on an internship during the school year, whether part-time or full-time, perhaps as part of the institution’s curriculum.

For example, Northeastern University in Boston is well-known for its co-op program which alternates periods of study with full-time work as a way of helping students prepare for their future careers.

One recent Gallup study found that about 40% of students had held an internship.

Are Unpaid Internships Legal?

Unpaid internships are a hotly debated subject. They are legal if executed properly. However, it can be important that unpaid internships do not have students engaging in the same work as employees but for free. In this scenario, an intern may do work adjacent to that of paid staffers, but they may not be able to actually get the hands-on experience they were hoping for.

Paid internships, obviously, offer the benefit of income and may allow students more hands-on experiences with work situations and tasks.

Both may allow participants to network and make valuable connections that could help them when they enter the job market. And both types of internships can be added to a student’s resume, helping them when they look for work.


💡 Quick Tip: Get flexible terms and competitive rates when you refinance your student loan with SoFi.

Value of Internships: Improved Employment Opportunities

Here, take a look at an angle on the value of an internship.

•   Many organizations offer internships, at least in part, to identify quality candidates for entry-level professional positions. The internship period, for those companies, allows them to vet interns to see whom they are impressed with. This can lead to a more permanent commitment, aka a job offer.

And the value of college internships could go beyond potentially getting a job where you interned.

•   If you apply elsewhere, other companies may very well look to see whether or not you’ve completed an internship. If you have, this could indicate the level of seriousness you have about pursuing your chosen career.

•   In fact, an internship could add to the value of a college degree as it shows that you already have a bit of experience applying your skills and education in the workplace.

•   It also shows that another organization was willing to have you work for them, another plus.

Applying for and nabbing a college internship is important in one other way:

•   It gives you experience hunting for a job, creating a resume, and, most likely, interviewing for a position. These are valuable real-world skills to hone.

Recommended: What Is an Apprenticeship?

Value of Internships: Personal Development

When you intern at a company, you’re not just gaining experience. Mull over these points:

•   Being in a workplace and seeing what it’s like, day in and day out for a period of time, can also help you decide what you really want.

Although, say, a summer internship may not provide enough time to definitively decide if a certain path is right for you, it might contribute to your feeling of, “Yes, this is for me!” or, of course, the opposite. At a minimum, you’re more industry-savvy than you were before, which might help guide your direction.

•   Your internship could also help you develop a professional network — a group of people who might assist you as you forge your own unique career path. They could invite you to industry events, and your contacts could also share job opportunities with you. They might even be able to provide references. Who knows? You might even emerge from the experience with a career mentor.

Just remember that, as you build your professional network, it could be important to nourish those relationships, keep in touch, and reciprocate support however you can.

•   Internships might help you build confidence, as well, in your knowledge, skills, and abilities. You may feel more at ease in a workplace and job-hunting situations.


💡 Quick Tip: When rates are low, refinancing student loans could make a lot of sense. How much could you save? Find out using our student loan refi calculator.

How to Find Internships

If you appreciate the value of internships and are ready to hunt for a college internship? You may want to try these tactics:

•   You could start by talking to your school counselors, who often have invaluable resources to share. Your college may have a career services or internships program or office to tap as well.

•   Look online. For example, Internships.com might be a great place to look. And, if you’re interested in specific companies, you could check their websites for opportunities. You might luck out with an internship that could lead to a rewarding job.

•   You could also talk to chambers of commerce, consult with professional associations connected to your career, ask for recommendations in the industry-focused clubs you belong to at college, and otherwise network and ask for advice. Career fairs might yield some leads, too.

•   Check in with your school’s alumni office. There may also be grads from your school who might be willing to make recommendations or even be hiring interns.

Some of the more coveted opportunities tend to fill up early, so you might want to start your search as early as you can. Your college’s career center might be able to guide you with timelines. You could focus on something that dovetails with your college major, but don’t worry about being too specific. Gaining a broad knowledge of your areas of interest could help you choose the right career.

Student Loan Refinancing

Internships could be invaluable for college students when it comes time to hunt for a job, and if you have student loan debt, getting a job earlier means you might have opportunities to pay down your student loan debt faster. That, in turn, could potentially help you save on the amount of interest you’ll pay back overall.

Another strategy you could consider is to consolidate all of your student loans and then refinance them into one loan that could help you save. (Keep in mind, though, that refinancing with an extended term can result in paying more interest over the life of the loan.)

To find out how much money you could save by refinancing, you might use an online student loan refinance calculator. An important note: If you refinance federal loans with a private lender, you will lose access to federal benefits and protections, such as student loan forbearance and forgiveness.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.


SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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09
2023
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The Ultimate GMAT™ Study Plan

By | Building Your Career, Life & Career, Student Loans, student_loan | Comments Off on The Ultimate GMAT™ Study Plan

Gearing up for a Master of Business Administration program involves a lot of prep, especially when it comes to taking the GMAT™ — The Graduate Management Admission Test. It’s a standardized test that assesses potential business school students.

The GMAT was created by the Graduate Management Admission Council (GMAC) and is now the most widely used assessment for graduate management admissions.

It’s available in more than 100 countries and taken by more than 100,000 students annually.

The exam is important for prospective MBA students because it may carry a lot of weight in the application, with some experts estimating it accounts for up to 22% of admissions decisions.

Because of this, getting prepared for the GMAT is crucial to getting into an MBA program.

Important Facts About the GMAT

There are four sections in the GMAT: quantitative, verbal, integrated reasoning, and analytical writing. These sections are meant to test a student’s general knowledge — they’re not specific to business knowledge.

The total score a student can receive for this exam will fall somewhere between 200 and 800. This score is a combination of verbal and quantitative questions.

Students will also be given scores for each individual section. The section scores for the verbal and quantitative sections range from zero to 60.

The integrated reasoning score, which ranges from one to eight, requires students to analyze graphs and tables.

The analytical writing section is scored from zero to six and is based on how well students can analyze and write about an argument given in a provided text.

There is no set score that students must achieve to be accepted into a program, but students can figure out an estimate of how well they need to do by researching the average score accepted students got on their GMAT exam.

This can give prospective students a good idea of what score they should aim to receive to be considered for acceptance to a particular program.

Making a Study Plan

Making a GMAT study plan depends on when applications are due, which will differ by school.

It’s recommended that students take the exam at least three to four months before their application deadline. This will give students enough time to retake the test if necessary. It can be taken up to five times within twelve months, with a lifetime limit of eight times.

Once students know their application deadline, they can make a plan for when they want to take the exam. Exams are available year-round, and students can register to take it in person or online at mba.com.

Each student will have to determine how much preparation is right for them, but usually, it’s recommended to spend three to six months preparing for the GMAT.

According to GMAC, the makers of the exam, students who studied 60 hours or more scored 500 or higher.

Studying more isn’t a guarantee of a high score, but it seems to help a majority of students find success. With this information, students can create a study plan that suits them and their timeline best.

Recommended: The Ultimate Guide to Studying in College

Study Tips for the GMAT

With 60 or more hours of preparation recommended, how can students best spend those hours?

Here are some tips on how to study for the GMAT that may help students make the best of their prep time.

Taking Practice Exams

Familiarity with the format of the test means there are few surprises. Students will be familiar with each section of the test, the order of the sections, and how the instructions are worded.

Studying the content is important, but so is knowing what to expect when test day comes.

The most effective way to use practice tests is to take one first and use it as a baseline so it’s easy to see where improvements need to be made and how much progress is being made after each consecutive practice test.

When taking practice tests, students should try to reproduce the test experience as closely as possible, in a similar environment and with the same time constraints that the real test has.

The time allowed depends on whether the test is taken in person or online. The online exam takes two hours and 45 minutes, whereas the in-person exam takes three hours and seven minutes because it includes the analytical writing assessment.

Taking practice exams is also a good way for students to learn how to pace themselves through each section of the test.

Strategies recommended are keeping a consistent pace throughout the entire exam, keeping in mind how many questions are in each section, and estimating how much time is allotted for each question.

•   The quantitative section includes 37 questions over 75 minutes.

•   The verbal section gives test takers 75 minutes for 41 questions.

•   The 12 integrated reasoning questions average two minutes and 30 seconds each for the section’s time allotment of 30 minutes.

Students may choose to use official GMAT exam prep packages, which vary in cost (one is free).

Hundreds of quantitative and verbal questions, as well as integrated reasoning questions can be accessed through these official packages.

Students can also purchase unofficial GMAT practice tests if they need more resources.

Tutoring and Peer Study Groups

For students who want extra help preparing for the GMAT, getting a private tutor, taking a prep course, or finding a study group may be options to consider.

A benefit to these strategies is the addition of regular feedback and accountability, which can help students stick to their GMAT study plan.

For students with a tighter budget, finding a GMAT support group and free practice exams may be more affordable routes.

Staying Healthy

Performing well during a stressful examination can be made easier by maintaining good physical and mental health. It’s recommended that students get plenty of rest in the days before the exam, as well as keep up a healthy diet.

Both rest and nutrition can impact physical wellbeing. Going into the GMAT in good physical condition can help students reduce stress and build confidence.

During practice tests, students can practice stress management techniques, which may make it easier to use them during the official test.

Test-taking anxiety is a common phenomenon, and each student may want to learn which coping techniques work best for them.

What About Finances?

Students who are considering an MBA program may be shocked when they see the high cost of tuition. According to Education Data Initiative, the average cost of an MBA program is $71,880. However, this can range from $22,000 to well over $100,000 depending on the school.

Options for decreasing the cost of earning an MBA may be getting a master’s degree online or getting financial aid to help cover the cost.

There are a few options when it comes to paying for graduate school.

Apply for Federal Financial Aid

Filling out the Free Application for Federal Student Aid (FAFSA®) as a graduate student means the aid is given based on the student’s income, not their parents’. This could help students receive more federal aid than they did as undergraduates.

After submitting the FAFSA, students will receive their Student Aid Report (SAR), which provides information about their federal student aid eligibility.

The schools to which a student has applied and been accepted will send a financial aid package offer letter, and the student can decide whether to accept or decline the offer.

Federal student financial aid can come in the form of work-study, grants, or loans. Grants usually don’t need to be repaid, but loans do. Graduate students are not eligible for subsidized student loans, only unsubsidized, so interest will start accruing as soon as the loan is disbursed.

Work a Part- or Full-time Job

Another option may be working while getting an MBA, with some employers helping to pay for tuition. There are more part-time and online MBA options than there used to be, making it easier for students to work while finishing school.

Apply for Scholarships

Students can also apply for scholarships through the school they are attending, as well as from private or professional organizations. Scholarships usually vary in their eligibility requirements, and it’s recommended that students seek out and apply for all they may be eligible for.

Use Private Student Loans

Another option for funding an MBA program may be private student loans. Private student loans do not come with the same benefits and protections that federal loans do, like income-driven repayments and student loan forgiveness. The interest rates and repayment options vary by lender, so students are encouraged to do their research carefully before considering this option.

The Takeaway

Students who already have student loans from their undergraduate education may want to consider refinancing their student loans, which could mean a lower interest rate or a repayment plan that works better for their particular financial situation.

The choice to refinance student loans depends on many factors, like whether those loans are federal or private and whether or not the new loan will be beneficial to the borrower. Figuring out how to prepare for and pay for graduate school can feel overwhelming, but help is available for both.

Keep in mind, though, that refinancing federal student loans means you’ll no longer be eligible for federal benefits, including income-driven repayment plans and student loan forgiveness. If you’re currently using or plan on using federal benefits, it’s not recommended to refinance your federal student loans.

If, however, refinancing makes sense for your financial situation, consider SoFi. With just one application, SoFi compares rates and lenders for you, all in a matter of minutes.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Dec
05
2023
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How to Study for AP Exams

By | Student Loans, student_loan | No Comments

Taking, and doing well on, the Advanced Placement (AP) exam gives you the opportunity to save time and money by earning college credit, advanced placement, or both. It can also help you stand out to colleges and give you an edge in getting accepted to your dream school.

No matter what score you get, the experience of studying for and taking an AP exam can help you build skills you’ll need to succeed in college.

The question is, when should you start studying for AP exams? Generally, students begin studying for AP Exams some time between January and March. This gives you enough time to cover all the material, take AP prep courses (if desired), take practice tests, and develop an AP test strategy. Read on for a closer look at when and how to study for AP Exams.

Creating a Study Timeline

One smart way to prepare for your AP Exam is to create a timeline leading up to the test. Giving yourself a schedule you can (hopefully) stick to might help keep you organized while studying.

Here are some ideas to help you prepare for your upcoming AP Exams — all arranged in a timeline leading up to your AP tests.

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January (16 Weeks Out)

To first figure out how to study for AP Exams, you can evaluate how your current AP classes are going. One place to start is by checking your grades from last semester and, if you are struggling with a certain topic, contacting your teacher to see what help is available.

You might want to schedule some extra one-on-one time or join (or even start) a specific class study group. Of course, your grade isn’t necessarily an indication of the score you will get on your AP Exam. But if your teacher has been using AP practice questions on tests, that could still give you a sense of your early performance — and it may even boost your confidence going into the test if you’re acing those practice answers.

This is also a good time to start thinking about which AP Exams you want to take in May. Just because you are in an AP class doesn’t mean you have to take the AP exam in that subject. Consider which exams might help put you on a path toward college and career success.

The test schedule is always published well in advance of the exam days, so you may want to check when your exams will take place and block those dates out in your calendar now. If you have exams scheduled for the same date and time, this is a good time to ask your AP coordinator or teacher about taking one during an approved late-testing period .

January is when students with disabilities must request any accommodations during the exams. If you will need testing accommodation, you’d want to approach your AP teachers or AP coordinator ahead of the deadline.

February (12 Weeks Out)

A productive next step is to learn the format for each AP exam you plan to take. Paying attention to the structure of class tests might give you some insight into the types of questions you can expect.

There are a total of 38 AP Exams, and each has its own requirements. Most will be two to three hours long with a mix of multiple-choice and free-response questions, according to the College Board.

This can also be a good time to take your first practice exam. Since you’re past the midpoint of the year, you’ll have covered enough material in class that you will be able to answer a decent amount of practice questions and problems without getting frustrated. After reviewing your practice exam, you can come up with a study plan to go over your notes and materials for a few hours every week.

Recommended: Importance of Junior Year of High School

March (8 Weeks Out)

AP Exams cost $98 each, so this month can be a great time to start budgeting for how many exams you plan to take and how you will pay for them. Even if your parents are paying for your exams, you’re responsible for making sure they understand the cost and when to submit payment to your school.

The College Board, which oversees the AP, offers a $36 fee reduction per AP Exam if you have significant financial need. Some states offer additional funding to reduce your cost even more. Check with your AP coordinator to find out what support may be available to you.

This is also the month when you will want to really delve into your AP study regimen and continue taking practice tests.


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April (Four Weeks Out)

By April, you will probably be completely registered for all of your AP Exams. If you haven’t gotten a link from your school guidance counselor, you may want to check in with a school administrator. This is when you really should start to study in earnest, if you haven’t done so already.

Now’s the time to start taking more practice exams, in addition to your regular study and review. You can look up past free response questions (for exams that have them), real student responses, their scores, as well as scoring guidelines so you can see why a real exam taker got the score they did.

Once you’re four weeks out, it might be more efficient to study just the areas you feel less practiced and confident in, rather than trying to cram in all of the information from the past year. The practice exams and questions can help you sort out which topics just need a simple refresh, and which ones you might need to actually relearn.

Recommended: The ACT and SAT: Which Test is Right for You?

May (It’s Time!)

You can kick May off by taking another practice exam and focusing on the results compared to when you first began reviewing all those weeks ago. The focus is now on prepping for test day, which might include checking to make sure you have your test dates and times marked in your calendar and that you are using the correct, approved calculator for math and science exams.

On test day, you can start your day with a good breakfast. If you are taking multiple tests in one day, you may also want to pack some nutritious snacks. Hopefully all of the studying from the last few months will pay off when you sit down to take the AP Exam and you feel prepared.

Recommended: Do Your SAT Scores Really Matter for College?

AP Study Hacks and Habits

The habits you start honing as you study for AP Exams can not only help you do well on your exam, but also prepare you for college, when you’ll likely be managing a larger workload and juggling multiple assignments and deadlines. Here are some study hacks that can help now — and later.

•   Build in study breaks. Even if you feel you need to spend several hours studying in one sitting, it’s a good idea to work in a short break every hour, even if it’s just a five-minute walk around the block. This can help keep your mind sharp and your energy from sagging.

•   Incentivize yourself. You might hold off watching your favorite TV show or playing your favorite video game until after you have finished studying for the day. This delayed gratification could help keep you motivated to study efficiently.

•   Consolidate class notes at the end of every week. When you are reviewing your notes from your AP classes, try organizing the information as it relates to the sections on the exam. By grouping your notes into related “chunks,” you might find that it’s easier to remember (or refer back to) key points as you get further away from the lesson. An added bonus: Instead of having a year’s worth of scattered information to review as you start taking practice AP Exams, you’ll have clear, organized information with your note summaries.

Planning for Your Future

The College Board says that nearly all colleges and universities in the U.S. offer credit, advanced placement, or both based on your AP scores, typically with an AP score of 3 or higher.

In some cases, students are able to reduce their time in school by one, or even two, semesters, meaning that your AP Exams could end up saving you a lot of money in college. Of course, you will still need to find a way to pay for college, whether it is three, four, or more years.

Fortunately there are a number of ways to fund your college education, including college savings accounts, financial aid (which includes scholarships, grants, work-study, and federal student loans), as well as private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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